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Presented below are selected ledger accounts of Shamrock Corporation as of December 31, 2017. Cash $60,200 Administrative expenses 106,000 Selling expenses 84,340 Net sales 556,000
Presented below are selected ledger accounts of Shamrock Corporation as of December 31, 2017.
Cash | $60,200 | |
Administrative expenses | 106,000 | |
Selling expenses | 84,340 | |
Net sales | 556,000 | |
Cost of goods sold | 262,000 | |
Cash dividends declared (2017) | 22,310 | |
Cash dividends paid (2017) | 24,600 | |
Discontinued operations (loss before income taxes) | 49,600 | |
Depreciation expense, not recorded in 2016 | 32,100 | |
Retained earnings, December 31, 2016 | 93,380 | |
Effective tax rate 30% |
Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 19,400 shares of common stock were outstanding during 2017.
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